Saudi-based Lucidya closes US$6 million second round of funding to expand product offering

Saudi-based Lucidya closes US$6 million second round of funding to expand product offering

Lucidya, the Saudi-based customer experience management platform company, has today announced its second round of funding of US$6 million led by Rua Growth Fund with participation from M.A.L Ventures and AlRashed Group, and other international Venture Capitals. Existing Lucidya investors also participated in the round, including Venture Souq.

Lucidya’s solution empowers organisations to understand and better serve their customers by analysing interactions across different online channels in one platform.

This round of funding comes after an outstanding performance by the B2B SaaS company, which managed to serve over 100 enterprise customers in more than 6 countries, fueling its annual recurring revenue (ARR) growth 5x year-over-year and making it among the top 10% fast-growing B2B SaaS companies globally, according to the industry’s benchmark.

Abdullah Asiri, Founder and CEO, Lucidya said: “We are on a mission to revolutionise customer experience in the MENA region. We are leveraging our Arabic-tailored AI to bridge the gap between businesses and their customers and make customer voices heard loud and clear. Seeing that brands using Lucidya enjoyed an improvement of 200% in customer satisfaction, on average, indicates that we are on the right track but we are not there yet. This funding will enable us to expand our offering and bring it to more markets, enabling more businesses to reap the benefits of AI-powered Customer Experience Management.”

Asiri added that: “COVID-19 accelerated Digital Transformation and changed consumers’ behavior. Nowadays, most individuals interact with businesses through online channels (e-stores, social media, chat, emails, calls, etc.) and this trend is only expected to grow with time. This paradigm shift has resulted in an enormous and rapidly growing global customer demand for an omnichannel solution that leverages these interactions to improve customer retention. As a result, Lucidya is among the fastest-growing B2B SaaS companies in the world. Today, if any organisation in Saudi Arabia wants to build a Customer Experience competitive advantage, Lucidya is essential. Soon this will be the case the MENA region too”

Turki Aljoaib, Managing Partner, Rua Growth Fund, said: “We at Rua Growth Fund believe that both, the Saudi market and the MENA region, have been underserved with technology solutions and services tailored to the local market. This has left significant gaps and opportunities for digitisation that can only be successfully filled by local players who understand the needs of the market and know how to deliver value to their customers. Lucidya, which is based in Saudi Arabia, is a prime example of this. Having developed their technology in-house by and for Arabic speakers, they serve the needs of the global market while also demonstrating the Kingdom’s potential of innovative tech entrepreneurs, which promises to be a key part of accelerating the Kingdom’s growing leadership in MENA’s tech revolution.”

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